Borrowers with fair credit could qualify for next-day funding with LendingPoint personal loans

If your credit score is less than perfect, you might assume you can't get a personal loan — but that's not always the case.

LendingPoint offers fast personal loans from $1,000 to $36,500 for qualified borrowers with a minimum credit score of 620, a verifiable bank account and a minimum annual income of $40,000 (either from a job, retirement distributions or some other source).

Select ranked LendingPoint the best lender for fast approval on our list of best personal loans for bad credit. Applicants may receive same-day approval and possibly next-day funding once final documents are verified and approved.

Ahead, Select reviewed LendingPoint, looking at APR, perks, fees, loan amounts and term lengths. (Read more about our methodology below.)

• APR
• Perks
• Fees
• Loan amount
• Term length
• Who's eligible to apply for a LendingPoint loan?
• Bottom line

LendingPoint APR ranges from 7.99% to 35.99%. On the low end, this interest rate is about average (at the time of writing, the average two-year personal loan interest rate is 9.46%, according to the Fed). But borrowers with less than perfect credit will likely not qualify for the best rates and should therefore double check their interest rate to make sure the loan is actually affordable.

The final APR you qualify for is based on your individual loan application. Factors like credit score, income, loan amount and loan term are always considered when generating an APR.

LightStream, in comparison, lends to borrowers with good or excellent credit. Therefore, it's no surprise the APR is lower, ranging from 6.94% - 25.29%* when customers use autopay.

Most notably, LendingPoint offers same-day approval and the possibility of next-day funding for qualified borrowers with fair, or even poor credit — it may approve applicants with a minimum 620 credit score. Lendingpoint also allows interested applicants to perform a soft credit inquiry, which will not harm their credit score, to check what kind of loans they qualify for.

Origination fees from 0% to 8% may apply depending upon your state of residence. To compare, OneMain Financial charges origination fees as high as 10% in some states. For loans with no origination fees, check out our best personal loan list.

Fortunately, there are no early payoff fees or penalties for paying down your LendingPoint loan faster than your original term.

LendingPoint offers loans ranging from $1,000 to $36,500.

Borrowers may take out a LendingPoint loan with terms from 24 to 72 months.

Here are the requirements for those who want to apply for a personal loan from LendingPoint:

1. You must be at least 18 years of age.
2. You must be able to provide a U.S. federal, state or local government issued photo ID.
3. You must have a social security number.
4. You must have a minimum annual income of $40,000 (from employment, retirement or some other source).
5. You must have a verifiable personal bank account in your name.
6. You must live in one of the states where LendingPoint does business (excludes Nevada and West Virginia).

LendingPoint lends to borrowers with less-than-stellar credit, including applicants with a credit score as low as 620. Unlike OneMain Financial, which lets borrowers apply for a secured loan when they can't qualify for an unsecured loan due to bad credit, LendingPoint offers unsecured loans.

If you think you might need to borrow more than LendingPoint's maximum amount of $36,500, you might consider SoFi Personal Loans, which allows qualified borrowers to apply for up to $100,000.

To determine which personal loans are the best for consumers with bad credit, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions. When possible, we chose loans with no origination or sign-up fees, but we also included options for borrowers with lower credit scores on this list. Some of those options have origination fees.

When narrowing down and ranking the best personal loans, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides more than one financing option that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $1,000 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

The rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee your interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, many lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

*Your LightStream loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 7.99% APR with a term of 3 years would result in 36 monthly payments of $313.32.